Does EBCoin depend on Bitcoin? Based on the correlation analysis, BTC and EBC have a strong positive relationship. The correlation coefficient of their prices is 0.48, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may adjust from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient shows that the prices of the coins are going in the opposite direction while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and EBCoin connection is positively strong, it means that when BTC is rising EBC will rise as well. The negative strong relation will indicate that when BTC is growing EBC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EBCoin. If we take all the factors affecting the price of EBC as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other aspects, such as news, events or regulations.